MyEtherWallet Cryptocurrency Wallet Review

Pros Explained

• Multiple features for Ethereum-based crypto assets: Users can store, send, and receive a wide range of Ethereum-based crypto assets.
• Access to decentralized applications (dApps): MEW users can interact with smart contracts and decentralized applications (dApps).
• Non-fungible token (NFTs) management: Users can manage non-fungible tokens (NFTs) within the wallet interface.
• Supports all Ethereum-compatible networks: The non-custodial wallet supports other Ethereum-compatible networks, such as Ethereum Classic, Binance Smart Chain, and Polygon.

Cons Explained

• No support for non-Ethereum altcoins: MEW web and mobile only support digital assets running on Ethereum and Ethereum-compatible blockchains.
• Susceptible to phishing: MEW users have been repeatedly targeted with phishing scams.

Features

MyEtherWallet (MEW) is an Ethereum wallet that allows users to store, send, and receive ETH, ERC-20 tokens, and NFTs. MEW users can also swap tokens using the built-in swap function that allows the swapping of Ethereum-based tokens or engage in cross-chain swaps to swap tokens across blockchains like Bitcoin (BTC). 

MEW users can stake ETH and purchase and manage blockchain-based ENS domains by accessing the interface’s connected DApp ecosystem and more than 2,000 other DApps using the MEW mobile wallet. 

Users can also interact with and deploy smart contracts, enabling advanced Ethereum users to build on the Ethereum blockchain. Additionally, MyEtherWallet users can sign and verify messages using MEW on the Ethereum blockchain. 

With MEW’s multichain browser extension Enkrypt, MyEtherWallet users can manage digital assets on a wide range of blockchains and layer-2 solutions, including Polkadot, Polygon, and Optimism, and enables MEW users to store, send, and receive Bitcoin. 

Users in Europe can also sell cryptocurrency for euros and Swiss francs using MEW, thanks to its partnership with Switzerland-based exchange Bity.com.

Security

MyEtherWallet is a non-custodial, open-source Ethereum wallet where users have complete control over their private keys and the funds they hold in MEW. The company does not store any funds on behalf of its customers. The open-source code of MEW has been vetted to ensure the security and usability of the software. 

While MEW doesn’t provide two-factor authentication, it allows you to choose a 13th word in addition to the twelve-word mnemonic phrase to access and/or recover the wallet. The company encourages users to connect a hardware wallet to MEW for increased security.

MyEtherWallet has been a target of phishing scams and was hacked in 2018, which led to a loss of user funds. 

Privacy and Anonymity

MyEtherWallet is a free, open-source, client-side wallet that anyone can download MEW and use without having to hurdle know-your-client (KYC) procedures or provide personal information. 

Setup 

You can set up MyEtherWallet as a web-based interface or as a mobile wallet. 

Web

To use MyEtherWallet online, you need to access www.myetherwallet.com. Always check that you choose the official domain.

Click on “Create A New Wallet.” Then, you choose between downloading the mobile app, buying a hardware wallet you can connect to MyEtherWallet, or creating a web wallet.

To set up a web wallet, you can choose between logging onto your MEW wallet using a Keystore file you save on your computer or using a twelve-word mnemonic phrase. 

When using the mnemonic phrase, you must write down the words and then type in three to verify your wallet creation. Finally, you are asked to log on with the twelve words of your mnemonic phrase. For additional security, you can also choose to add an extra word. 

Mobile

You can download MEW Wallet on your smartphone, available for Android and iOS. To set up MEW Wallet, look for it in your app store and download the mobile application.

Once you open the app, MEW lets you immediately browse the wallet’s features and functionalities. To start using the full scope of the wallet, however, you click on ‘Create Wallet’ on the ‘Create a free wallet’ page, where you are asked to choose a six-digit PIN. 

Once you have typed in your PIN and confirmed it, your Ethereum wallet will be generated. Next, you choose “Start using MEW Wallet.” Finally, you will be asked to back up your wallet. Click “Backup now” and follow the prompts to note down and confirm your twelve-word recovery phrase.

Browser Extension

MEW’s new browser extension, Enkrypt, can be downloaded at www.enkrypt.com. Once you have added the browser extension to your internet browser, click “Create new wallet” and type a password to access your Enkrypt wallet. Confirm your password and then write down the twelve-word recovery phrase for safekeeping. You will be asked to confirm that you have written down your recovery phrase by providing some of the words. 

Usability

Users can use MEW on mobile and the web and connect it to a browser extension-based wallet to manage their Ethereum-based assets.

Web

The web interface is user-friendly and easy for beginners to manage Ethereum assets. The advanced features, such as the ability to deploy smart contracts and sign messages on the blockchain, make the wallet suitable for seasoned users.

Swapping one cryptocurrency for another is simple with the in-app swap feature, and buying BTC, ETH, BNB, and MATIC with a bank card only takes a few clicks, thanks to the wallet’s partnership with Simplex. 

Mobile

The mobile app version of MyEtherWallet comes with all of the features of the web-based interface, enabling users to manage their Ethereum-based assets with just a few taps on their smartphones. 

Additionally, MEW Wallet users can connect to a wide range of DApps within the app’s interface and connect to DApps on computer devices using WEM Web. 

Browser Extension

Finally, you can also use MyEtherWallet’s multichain browser extension Enkrypt to access web3 applications in your internet browser. In addition to Ethereum, Enkrypto also supports a range of EVM-compatible and Substrate blockchains to provide a web3 wallet ready for a multichain future.

Customer Service

MyEtherWallet provides a help center with a long list of support articles, email support, and a chatbot on its website. 

Cost & Fees

MyEtherWallet is free to download and doesn’t charge any wallet fees. Users only have to pay blockchain fees, which are customizable in MEW, and users decide how much they want to pay in gas fees. 

Final Verdict

Methodology

A suitable crypto wallet provides a place to transact and store cryptocurrency. We conducted a comprehensive review of the top cryptocurrency software wallets to help you determine the wallet that fits your needs.

Our review process is built around a quantitative rating model that weighs factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, experts in this field, then test-drove each wallet to lend their qualitative points of view.

Our model gave preference to companies with the best security measures and reputations. Companies with rich features, such as supporting many crypto assets, the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.